Press release
India Induction Motor Market to Reach US$ 1,162.3 Million by 2028, CAGR of 9.51%
India Induction Motor Market
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India Induction Motor Market Overview:
An induction motor is an electric motor widely used in various industrial and commercial applications owing to its simplicity, reliability, and low maintenance requirements. It works on the electromagnetic induction principle, where a rotating magnetic field is generated within the stator, the stationary part of the motor, by applying a three-phase AC supply. This rotating magnetic field induces currents in the rotor, the rotating part of the motor, creating a secondary magnetic field that interacts with the stator's magnetic field to produce torque and rotational motion. It is available in various sizes and power ratings, from small fractional horsepower motors used in household appliances to large multi-megawatt motors used in heavy industrial applications such as pumps, fans, compressors, conveyors, and cranes.
India Induction Motor Market Growth and Demand Analysis:
The market in India is majorly driven by the increasing demand for energy-efficient and eco-friendly motors. In line with this, the rapid growth in industrialization and urbanization in India is significantly contributing to product demand across various sectors, such as manufacturing, construction, and infrastructure development. Furthermore, the Indian government's initiatives, such as Make in India, Digital India, and Smart Cities Mission, drive infrastructure investments, further fueling product adoption.
Apart from this, India's easy availability of low-cost labor makes it an attractive destination for manufacturing induction motors. Moreover, introducing advanced technologies such as IoT (Internet of Things), AI (Artificial Intelligence), and Industry 4.0 is driving the adoption of smart induction motors. Besides, the rising production of electric vehicles is accelerating the demand for induction motors used in electric vehicle powertrains. Additionally, the government's focus on renewable energy and promoting solar energy is catalyzing product uptake in solar-powered systems.
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Key Market Segmentation:
Breakup by Product Type:
• Three Phase Induction Motor
• Single Phase Induction Motor
Breakup by End Use Sector:
• Industrial
• Commercial
• Residential
Breakup by Region:
• North India
• West and Central India
• South India
• East India
Competitive Landscape:
The competitive landscape of the industry has also been examined along with the profiles of the key players.
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